“Rising global growth [will] push up food and energy prices…I have a generally positive outlook in terms of commodities as an investment area,” Kelly told CNBC.

On the consumer front, however, Kelly said he is concerned that the rising prices are not necessarily translating into higher wages. “The latest wage reading year over year is the lowest since 2004,” he noted.

However, he added, “If you don’t get that wage increase, you won’t get a general inflation problem in the U.S.”

Making Money on Food & Energy Inflation

Discussing how big an obstacle food and energy inflation are and how you can make money off of them, with Michelle Girard of RBS, Keith Springer of Springer Financial Advisors and David Kelly of JPMorgan Funds.

Springer's Caveat:

In the meantime, Springer said average investors need to be cautious when investing in commodities, because the sector is generally played by “very savvy commodity investors for the short-term.”

“You’ve got to be careful, because the Fed is trying to induce some inflation—they can’t create asset inflation, so with QE (Quantitative Easing), they are doing their best to form some sort of inflation and they’re not going to stop until we have some,” he said.